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Swiss bank UBS ordered to stand tax-fraud trial in France Business

March 21, 2017

PARIS (AP) â Swiss bank UBS AG has been ordered to stand trial in France for allegedly helping wealthy French clients evade the country’s tax authorities after it rejected as too pricey an out-of-court settlement offer from prosecutors. A French judicial official said Monday that investigating judges found the charges against the Zurich-based bank serious, and the case strong enough to send to trial at a later date. UBS said in a statement it disagrees with “the allegations, assumptions and legal interpretations being made” and that it will continue to “strongly defend ourselves.” The official said UBS is set to appear in a French criminal court under charges of illegal bank soliciting and aggravated money laundering. The official spoke on condition of anonymity because they weren’t authorized to publicly discuss the decision. In addition to the parent company, its French subsidiary, UBS France SA, has been ordered to stand trial on the same charges, while five UBS top managers have also been sent to trial, the official said. Investigators suspect the Swiss bank for years sent its employees to solicit wealthy businessmen or sportsmen during sport or music events in France, urging them to place their money in Switzerland. The assets illegally concealed by French clients in Switzerland between 2004 and 2012 allegedly amounted some 10 billion euros ($10.75 billion). The judges’ move followed a failed plea bargain between national financial prosecutors and UBS representatives, the first time such an out-of-court settlement was tested in France. French magistrates reportedly offered…more detail

Two very senior Rio Tinto executives have lost their jobs over payments to made to a consultant on an iron ore project in Africa. Rio Tinto today terminated the contracts, and is withholding the bonuses of energy and minerals chief executive Alan Davies and legal group executive Debra Valentine. The action was taken after the Rio Tinto board reviewed the findings to date of an internal investigation into 2011 contracts with a consultant who provided advisory services on the Simandou iron project in Guinea, West Africa. “The board concluded that the executives failed to maintain the standards expected of them…... [read more]

President Donald Trump's administration is stepping back from a request made by former President Barack Obama's administration in an ongoing lawsuit over bathroom rights for transgender students in public schools. In a filing Friday with the 5th U.S. Circuit Court of Appeals, the federal government asked to withdraw a motion filed last year that asked a judge to scale back a temporary injunction blocking Obama's guidance on the issue. Mandel Ngan / AFP/Getty Images The Department of Justice's filing, which came a day after Jeff Sessions was sworn in as Trump's attorney general, said the parties were "currently considering how…... [read more]

Updated February 13, 2017 09:02:57 Washington state's Attorney-General said he would depose Trump administration officials to uncover "what truly motivated" President Donald Trump's executive order on immigration if the case brought against it is taken to the Supreme Court. Key points: Attorney-General's comments follows those of a senior adviser who said Trump will win Senior White House adviser said barring US entry is the "apex of presidential authority" Mr Trump has suggested that he may issue a new executive order over fighting the courts Attorney-General Bob Ferguson said the documents and emails authored by administration officials may contain evidence that…... [read more]

Updated February 13, 2017 12:07:24 Maybe it's the heat, or the unprecedented run of searing temperatures scorching the continent. Whatever the cause, the torrid debate in Parliament over carbon emissions and electricity in recent months couldn't have occurred at a more appropriate moment. The only problem is that every politician, state and federal, has always clung to the truism that power begets power or, perhaps the inverse; that whoever delivers blackouts gets booted out of office. As the finger-pointing over higher prices nationally, blackouts in South Australia and threatened disruptions across the eastern states escalates, any notion over rational debate…... [read more]

Updated February 13, 2017 01:03:59 As Federal Parliament sits again in Canberra today, a diverse alliance of industry, community and environmental groups is calling for a new bi-partisan approach to energy policy. Key points: Joint statement demands political leaders "stop partisan antics" It's difficult to make energy supply investments if ground rules change, AAC director says Scott Morrison accuses Labor of "coalophobia" Industry and business heavyweights to sign on include the Business Council of Australia, the Australian Industry Group, and groups representing major energy users such as the Australian Aluminium Council (AAC), the Australian Steel Institute and the Cement Industry…... [read more]

Posted February 13, 2017 00:33:15 It is a national epidemic that leaves its sufferers trapped inside their own bodies; isolated, depressed and misunderstood. Key points: Renee Gilbert and sister Zoe can't remember time when their weight was normal "You can't get any help from the Government or the community," Renee said Lack of coordinated national policy unacceptable, health specialist says Obesity affects almost a quarter of Australians, but help can be almost impossible to find. Renee Gilbert and her sister Zoe cannot ever remember a time their weight was normal. "I was bullied from basically kindergarten until I finished year…... [read more]

Posted February 13, 2017 00:26:31 The Greens are urging the Government to establish targets for driving down the number of Indigenous Australians in jail. Key points: Annual report card tracks progress against targets in a range of areas Greens' Rachel Siewert slams Government's lack of urgency Indigenous young people are over 20 times more likely to be behind bars than peers Prime Minister Malcolm Turnbull will tomorrow deliver the ninth Closing the Gap address to Parliament. The annual report card tracks progress against targets in a range of areas, such as Aboriginal and Torres Strait Islander employment and life expectancy.…... [read more]

Posted February 12, 2017 23:28:31 Leader of WA Nationals Brendon Grylls has dismissed the Liberal Party's deal with One Nation on preferences ahead of next month's election. Key points: One Nation would preference the Liberals above Labor in Lower House seats Deal between Liberals, One Nation to see primary vote grow, Brendon Grylls says One Nation's Colin Tincknell refuses to confirm deal is made The deal would see Liberal Party preferences flow to One Nation in regional Upper House seats. One Nation would preference the Liberals above Labor in Lower House seats. Brendon Grylls was unperturbed. "I think that this…... [read more]

By LARRY NEUMEISTER and MICHAEL R. SISAK, Associated Press Published: February 12, 2017 8:41 AM CDTUpdated: February 12, 2017 8:42 AM CDT NEW YORK (AP) — The nearly century-old American Civil Liberties Union says it is suddenly awash in donations and new members as it does battle with President Donald Trump over the extent of his constitutional authority, with nearly $80 million in online contributions alone pouring in since the election. That includes a record $24 million surge over two days after Trump banned people from seven predominantly Muslim countries from entering the United States. The organization said its membership…... [read more]

PALM BEACH, Fla. — Already in a domestic battle over his immigration order, President Donald Trump now faces a fresh foreign provocation in his first weeks in office — an apparent ballistic missile test by North Korea. After a stormy start on the diplomacy front, Trump has shown evidence of more traditional approach of closely cultivating a relationship with Japanese Prime Minister Shinzo Abe. The countries' long-standing ties were reinforced after word came Saturday night of the test-firing that would be North Korea's first of the year and an implicit challenge to Trump. The president, who was hosting Abe for…... [read more]